RE:FinancialsJimmyb6 wrote: Shows around bitcoins mined sold at 6,500....we are now 10,000+ price......would be 11,000,000 gross per quarter...... And they still did not put the 3,500 miners up and running yet... Dont know why...... Vote no...
Quotes from page 8 of the MD&A.
"
BITCOIN TRANSFER AGREEMENT
As a result of the decline in cryptocurrency prices, in October 2018 a verbal agreement was made between management of HashChain Technology Inc., and Bit.Management, LLC, who was the owner of the collation facility. This agreement consisted of the following parameters for the month of October 2018 and going forward:
1. On a weekly basis, HashChain would transfer all Bitcoin mined by its 8,395 rigs to Bit.Management, LLC in lieu of the monthly minimum recurring charges.
2. This verbal arrangement would be revised if/when the mining of Bitcoin became profitable. With the price of Bitcoin rising over 50% during the month of May 2019 and continued appreciation into June 2019, HashChain Technology Inc.’s machines would now be profitable against the electrical cost per the Colocation Facilities Agreements of US $0.10 per kwh.
Due to this, HashChain has agreed to the following:
1. HashChain and Bit.Management, LLC have agreed to certain terms of what is owed and what remains outstanding. Both parties have agreed that as of May 31, 2019, the balance outstanding is $863,520.
2. HashChain to continue transferring BTC mined on 8,395 rigs currently in operation to Bit.Management, LLC.
3. Bit.Management, LLC to put HashChain’s remaining 3,500 rigs in operation, to be operated and hosted on the same basis as the 8,395 rigs.
4. HashChain will continue to pay the hosting/electric costs on all rigs in operation and the residual value of the coins mined and sold by Bit.Management, LLC will be applied to pay down the agreed liability, as described in #1 above.
5. And other various terms. "